Two Queens lawmakers announced the passage of legislation that would grant relief to property owners who make improvements to their buildings.
Known as the J-51 property tax exemption and abatement program, the bill is sponsored by Senator Toby Ann Stavisky and Assemblyman Edward Braunstein. Under J-51, relief would be given to property owners who renovate residential apartment buildings or convert commercial structures into residential units.
“Renewing the J-51 tax incentive will provide needed property tax relief to eligible New York City co-ops while ensuring that buildings and structures undergo necessary capital and safety improvements. I will continue to advocate for property tax reform in Albany and I thank Senator Stavisky for her support on this issue,” Braunstein said.